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to get anything going and that's the way to deal with the deficits, of course. and there were some measures there. no national insurance payments for employees for the first few thousand pounds reducing corporation tax earlier to 20%. infrastructure spending, could it be more? businesses would always want more. but there was acknowledgement he tried while keeping the next fiscally neutral. on the whole, businesses say, not bad, could have done more. i think that will be the summation for them. the key factor, of course, is if you're not going to do more to stimulate your own growth, what happens to the eurozone becomes even more important. and i did speak to the chancellor, george osborne, just a short while ago and i asked him how worried is he about what's going on in cypress? this is what he had to say. >> it is a worrying situation in cypress and i think there's been some sole rans in international markets and elsewhere that they've got to sort these problems out. but obviously, we now need a solution. if i would have concerns if these depositors, less than a hundred thousand e
account deficits, we're not shipping as much joe seas? >> when people think of the economic situations, they think of the u.s. but what it will do, it will cut into the u.s. deficit and it will cut into the chinese surplus. and you ask the average economist for the last three or four years before the crisis, during the crisis, after the crisis, what's the global economic problem, number one, the answer probably isn't microimbalances. trade surplus in the u.s., trade surplus and china. what i didn't know is that still more than half of the u.s. deficit of goods and services is energy imports. >> and that's going to go away? >> as things are going, that might be going away. at the same time, china surplus will suffer from the tracing of independence of china. >> that's strong dollar weak yuan. becky. >> just an observation. >> first, tight oil, i haven't heard of this before. i know where the marcellus shale fields are. where is tight oil? is it in the same sort of locations? >> same. traditionally, coming out of gas yields because of this huge different between gas and oil prices. which
that the republicans are a little bit too root canal, a little bit too debt-obsessed, a little bit too deficit-obsessed and don't talk about the economy and jobs, which polls still show are the number-one issue. >> yeah, they've got to go back to reagan and jack kemp to stop acting like consequence at this pated accountants and get focused on what makes this economy grow. and the way you get revenues, not by raising taxes, by growth. if we had normal growth rates, we would get another 4 or 500 billion right off the bat. that's what they should focus on. all a means to an end. on social security, stop coming across that you're going to, you know, do something to grandma and instead talk about the idea, which they haven't, they don't touch it, of having accounts for young people with proper controls where they own the fruits of their labor, not washington politicians. make it positive instead of this -- as you say, root canal, that was more graphic. >> i think that -- i don't want to get -- i want to talk about the corporate tax, but i want to add to this, i think in a sense obama was right. and
the budget because the president and treasury secretary were worried about the long term deficit? does that sound familiar? at the exact same time, the fed tightened rates, doing what all the bears say bernanke should do, betting that inflation could rage and rage easily if the fed stayed easy, which is what his critics are saying he should do right now. but when we went down this road in 1937 it sent the economy into an amazing tail spin. causing a recession within a depression. it was an economic calamity that was totally avoidable if the people in power made different, smarter choices. especially the federal reserve. ben bernanke does not want history to repeat itself. he's not going down the path of what the fed did in 1937. he's not stupid. even though that's exactly the path unfortunately that the president and congress are taking. bernanke recognizes that obama and congress have repeated the errors of 1937 down to a tee. he can't let the fed's part in the drama be repeated. otherwise he'd go down as the fed chief who never got the economy going and put it back in a recession, a
is not in there. too much deficit reduction, 16%. slow job growth, 12%. too little deficit reduction, 10%. guys, these are more normal problems, i would say, than we've had in the past. the european financial crisis, u.s. financial crisis. sue, i would take a victory, yes, there are problems out there. >> i totally agree with you. it's the first time in a long time we haven't seen europe on a list like that. >> thank you, steve. >> absolutely. thanks, steve. >> sure. >> the markets here are a little lower, not all that much, though, given what we've had in headline risk this morning. dow jones industrial is down 38 points and s&p is off about 9. bob pisani is here to tell us what is going on. there's a lot of headline risk in the market today. >> and we're back moving on europe now. >> exactly. given 38 to the downside is not that bad. >> even europe is not reacting that much. let me show you the euro. everyone goes crazy talking about the euro. perhaps the finance minister may be resigning, we're trying to confirm that for sure. that's what we've been hearing. and on words that the governing b
who are being affected by that. you know, the best way we can deal with our debt and deficit long term is to grow the economy and that's what this budget does. it recognizes we need to invest long term. we need to cut spending and it does that. it does not do that. >> we need to invest long term. >> senator, with all due respect and i month your point of view may i just add after $650 billion tax hike already this year you raising taxes at least another trillion, i don't know how that is pro growth. regarding the sequester, i can understand making some changes to the sequester with regard to the management of the subaccounts particular in the defense department but you're not doing that. you're spending most of that money. associated press reports often years there may be a couple hundred billion dollars of spending cuts but the sequester was 1.2 trillion. you are in effect raising spending and raises taxes are you not? >> the budget closes a lot of corporate loopholes where we've been paying for people who go overseas and create jobs rather than paying to create jobs here at home. i d
we go deficit reduction. you saw minutes 6-3. there was expectation we had noises out from tucker that perhaps there might have been a bigger number voting for qe. what we will look at today is to see what osbourne does with the bank of england and there's a bunch of things he might do from amending the target, inflation target to changing the bank of england act saying we'll put in a jewel mandate. that may be more of a focus than anything he says about borrowing figures and growth numbers. >> absolutely. you can look at the sterling reaction here, ross. we're spiking above 151 now on the back of those minutes. melanie, over to you. i guess investors would have liked to see hints of a more accommodative bank of england here during the last meeting. might there not be more of a policy shift under way perhaps as ross said related to even changing the mandate? >> in terms of what we're expecting today, we do think that it might be the more interesting of the budget to watch. i wouldn't expect any big changes today. i think what he may do is announce a review of the policy fra framew
anything intelligent with our budget deficit. so the logical default currency is gold. we had a lull in european problems, but thanks to a lack of regulation -- how else did cyprus get out of hand, especially if the same thing happened in iceland, the lull is over. i think this is one more reminder rich europeans will switch from keeping europe owes in banks to keeping gold in deposit boxes. if you have no exposure to gold, buy some now. sure, most europeans may keep their money in the bank. they live there, that's their life. but the wealthy are looking to pull out money over time and the big beneficiary will be gold. amazingly, the european regulators can't help themselves. their incredible incompetencies makes buying gold the easiest decision in the world. these idiots are the gift that climpgs the gold buy every time they take action and this latest action may be the best when it comes to pushing gold higher than maybe since the reign of the former european central banker chief jean, "the fraud" trichet. carfirmation. only hertz gives you a carfirmation. hey, this is challenger.
, to balance the budget, no pressure to wind down these immense deficits, because they can be financed at about nothing. so to companies that might properly be considered bankruptcy candidates can sustain themselves and their precarious lives through borrowing at such rates. >> and that's what we continue seeing. >> this so-called recovery has been painfully and in a very un-american way drawn out, undynamic, and to people who are looking for a job, downright cool. and the fed insists that for reasons of economics as well as humanity, it will continue to do what has not worked. >> and i want to get your take on cyprus and europe, but let me put that aside for a moment. because, you know, chairman ben bernanke commented on this yesterday. someone said to him, what about the downside risk of all of this easy money. and he said, look, there are no issues of inflation. we don't have any issues in terms of, you know, this free money so far. and in fact, it's been helpful to the economy. so, what is the downside risk? how does this end? >> well, this is the greatest and most perilous experiment in th
on the possible deficit reduction deal. hi, john. >> it's an interesting blend of confrontation and cooperation. call it a controlled battle because you've got the u.s. senate today taking up a bill to avert a government shutdown by sustaining government funding beyond march 27th. the house has already passed the bill. there are differences between the two chambers and the two parties on what they want to do to the effects of the the bill. it smoothed out some things. made it easier for the pentagon to adjust. the senate has other departments which it's trying to help. still some disagreements there. but they expect to be worked out by the end of the week. at the same time, there's a huge gap between the two long-term budget plans that the two parties are pushing. and john boehner over the weekend said, we're done with tax increases. he was repeating that position. the house white house responded, the senior adviser, saying no deal is possible as long as john boehner is in that place. so that's where we are, sue. you've got on the one hand the two parties working together. they are like my to a
exaggerated by looking at year to date, a boon. the boon right now, at a 56 basis point deficit to the treasuries. that's a wide spread. and the last two-day chart of the euro versus the dollar. should it break through 1.28.80, it could challenge the current four-month lows versus the greenback. sue, back to you. >> rick, thank you very much. >>> some new clues about the state of the job market today. the number of americans filing unemployment benefits rising slightly last week to 336,000. a tad below estimates. we've seen a number of job cuts announced recently. so is the labor market running out of steam? listen to what "mad money's" jim cramer said earlier today. >> tens of thousands of people are going to be laid off within the next month. >> whatever little. >> and that's going to show up in the numbers, in that 330,000 employment, that may be the last good one. bernanke is not smoking dope, pot, whatever they call it now. >> well, is he right? joining us now is "the wall street journal's" chief economics correspondent john hillsenrath. good to see you. >> good to be here.
deficit. the main attraction at these gambling halls is the new slot machines. we americans spend more money on slots than on movies, baseball, and theme parks combined. but with slots, there is the potential for a dangerous side effect: gambling addiction. and more people are addicted to slots than any form of gambling. [slot machines beeping] >> this is what slot machines used to look like, where you pull the handle and hope for three of a kind. [slot machine beeping] this is what they look like today. the modern slots are like high-tech video games that play music and scenes from tv shows. you can play hundreds of lines at once, and instead of pulling a handle, you bet by pushing buttons, which means each bet can be completed in as little as 3 1/2 seconds. it looks like great fun, but it can be dangerously addictive. >> whether or not it's their intention, the gambling industry is designing machines that can addict people. >> mit anthropology professor natasha schull has studied gambling addiction for over 15 years. she's interviewed gamblers, casino owners, and slot machine designe
. cyprus needed a total bail out of 17 billion euros and they needed to to fund their banks and deficit. they said we will only give you ten and you have to come up with the other seven. it led to runs on atms in cyprus and protests as the president arrived at parliament. here's what they decided to do. they're going to tax bank depos sxits the ox original plan on saturday, 10% if you have an account larger than 100,000 euros and here's what led to the protests, 6.75% if you're under 100,000 euros and that's fdic deposit insurance. market watchers were aghast that insured depositors would be hit, but the insurance was essentially a falsehood. what if citizens in italy or spain begin to think that they being lose their money even if it is supposedly insured? could that lead to bank runs? it is so controversial the cyprus parliament couldn't get it passed yesterday. they say they would do it today. it didn't happen and now they're trying for tomorrow. they are re-working the plan so the smaller guy is not hit so hard, but still, it appears they're going after insured deposits. why did the
a surplus of politics and deficit of intelligence when it comes to this. germans and fins and a number of others feel they have to tell very uninformed electorate that they are being tough. we have to extract some blood. they don't understand that this is a two pointed sword. by trying to extract blood from greeks sand cypriots they are inflicting enormous pain. $500 billion worth of capitalization around the world wiped out. >> as moronic as this plan was, we've heard there are not a lot of options. >> there are options. >> first of all, they should be putting in place the equivalent of the fdic. when we close a failed bank in the united states, we go in on a friday with fdic and occ. it's all hush hush. you close the bank. you move the depositors money into a good bank and you don't lose faith in the banking system. >> don't they need 27 countries to put that in their charter? >> this is what europe was moving toward. this is what was recognized this past summer and this is why -- >> we knew it would take time. >> this throws that out the window and the thing is that they're not sayi
to approximately 5 billion euros. because then all your financing are the government deficits. >> adam, thank you so much. >> my pleasure. >> becky, you highlight a really good point. what is very clear from this government and also from the people on the ground that i've spoken with is they absolutely don't want to see a reduction in the sides of the banking system here because they know that is what 50% of the economy and a ton of the jobs, as well. they realize it's going to be a change of livelihood. changes that will happen in this country no matter what are going to be startling to the people here. >> i saw all the headlines coming from russia and the president here making strong comments. is that going to fall on deaf ears in europe? is that not a big deal as far as they're concerned? >> that would be my interpretation, absolutely. would you agree with that, adam? whatever russia says is going to fall on deaf ears when it comes to the troika? >> it doesn't fall on deaf ears. but the europeans have made a categoric statements. cypress has to come up with 5.8 billion euros. it can't be throu
deficit. we're spending a trillion more than we take in every year. everything has to be on the table. one thing i would suggest is that there are tipping points to everything. in the middle class segment people between $100,000 to $250,000 in home purchase price, mortgage interest makes sense to the middle class borrowers. and the question is do they count that when they look to buy a home versus rent. people stopping buying altogether. if it has an impact, how does that impact construction? has to be on the table. it has to be something we take in context with the broader picture. >> help us get rid of freddie and fannie some day too. put something together for me, will you? >> keep in mind, while we sit around and vilify freddie and fannie. >> see you love them. that's a shock. >> i don't. i think we ought to go away from them. but we need liquidity to ensure there's capital. >> can't do it now. especially now. all right. great hair. good looking man. and you watch, unlike some other people that work here. anyway, thanks, dave. >> you may not watch for a few minutes when you walk to get
if rates were liar. they had the time because rates were so much lower and deficit was going up slower. in a real sense the fed buying the treasuries has made it less painful for the government. >> i'm not sure if the population that chairs the euro or those that chair somewhat with central planning with regard to the 27 countries, but my question to you is i'm not sure we're going to lose any of these countries, but on the other hand, keeping their funding and the central bankers and the banks and insolvency all in line is a full -time job. is anybody worried about how we're growing these economies? is that the rally big elephant in the room? >> the growth hasn't phone zone up. we talked about it many times. what is the eventual exit strategy? our fed can't decide when to stop buying treasuries much less strengthen the balance sheet. >> i talked to jim bianco about the taper. this is another arena where the fed is going to paint themselves into a corner, they're going to move them up and down with every data point? in the end, they just have to say enough is enough, don't they? >> goi
Search Results 0 to 21 of about 22 (some duplicates have been removed)

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